"[Constellation] was able to help negotiate a credit line with much greater terms than we've had previously. That will give us the ability to continue to grow over the next several years," Tyler Vernon of Merit Financial Advisors told IN.
"We're not bloated, we're not slow, and we can buy these stocks within days, rather than within quarters," former Dimensional Fund Advisor PM Matt Zenz, who now is the CIO of the $1.1 billion RIA Hill Investment Group, told InvestmentNews.
With Parkworth Wealth Management and its Silicon Valley tech industry client base now onboard, Savant accelerates its vision of housing 10 to 12 specialty practices under its national RIA.
From data access to email server operations, Adam Spiegelman says Commonwealth Financial Network supported a seamless transition as he left the firm to launch his own RIA.
About 5,000 former employees will be eligible to receive money from the settlement, which stems from class action allegations that Kansas City-area firms Mariner, Tortoise, and American Century colluded to suppress wages and not hire each other's advisors.
"We've actually found that the best advisory teams and solo advisors have figured out a niche that they work well with," Savvy Wealth CEO Ritik Malhotra tells InvestmentNews, as his firm's $2 billion RIA affiliate grows to 68 advisors.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Schwab canceled a planned campaign promoting in-house services to investors with $1 million or more in Schwab retail accounts, following advisor concerns about overstepping into RIA relationships. The clients Schwab aimed to target also have assets in Schwab's RIA custody channel.
CEO Allen Darby sees a coming shift in M&A dynamics as AI eliminates clerical roles at RIAs, leaving buyers and sellers to negotiate who benefits from the added margin.
The $117 billion mega-RIA Wealth Enhancement says advisors who emphasize tax and trust planning can command higher fees. "We're actually seeing slight fee expansion within our organization," Wealth Enhancement's Dean Smith told InvestmentNews.
